The IPO comprises of fresh issue of equity shares worth Rs 450 crore and sale of scrips to the tune of Rs 105 crore by promoters Jasbir Singh and Daljit Singh. The company plans to use the proceeds for repayment and advance payment of certain loans and for other general corporate purposes. Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's initial public offer (IPO).
During April-September period of the ongoing fiscal, as many as 19 Indian companies raised close to Rs 27,000 crore through IPOs, much higher than Rs 16,535 crore garnered by 15 firms in the year-ago period.
The Gurugram-based company manufactures air conditioners. Companies from diverse sectors like insurance, healthcare, education, bank, cable TV and shipping have made their way to the IPO space during the period under review.